Estée Lauder sinks nearly 20% on weak quarterly sales; plans to slash up to 7,000 jobs
1. Estée Lauder will cut 7,000 jobs to address demand weakness. 2. Third-quarter profit expectations are significantly below market estimates. 3. Sales in Asia travel retail are under severe pressure from competition. 4. The company reported a $590 million net loss last quarter. 5. Restructuring costs are projected between $1.2 billion and $1.6 billion.